On June 26, 1801 (or rather on 7 Messidor Year 9, since the Republic calendar was still in force at the time), the French Minister of the Interior awarded Abraham-Louis Breguet, the founder of Breguet, a patent for the invention of the tourbillon.

FORBES: Breguet Launches Tourbillon Exhibit in Geneva

As it turns out, the crux of the invention was head-slappingly simple: though a patent-pending idea Smith calls "get out of the way control, " the unit measures the load on each joint as its operator moves about, and figures out the direction it needs to move in 3-D space to literally move out of the way.

ENGADGET: Raytheon's Sarcos XOS 2 military exoskeleton just does the heavy lifting -- for now

As proposed, any strategy for reducing, avoiding, or deferring tax liability, whether known or unknown at the time of the invention or application for a patent, would not qualify.

FORBES: Beware Patented Tax Strategies

But former colleagues of Myhrvold and patent experts watching moves at Intellectual Ventures say the firm is less an invention company than a protection company.

FORBES: Patent Stalker

Whitney, for example, almost completely failed to prevent infringement of his cotton gin patent, and as a consequence made very little money from his invention.

FORBES: Does Innovation Revolve Around Patent Lawyers?

As technology proceeds in a patent-obsessed world, the fruits of innovation flow to the owners of the capital and invention, forming a whole new rentier class.

FORBES: That Robot Economy And The Rentier Class

If Company A does not make any public disclosures regarding the invention before the August filing, Company B can get the patent by virtue of its earlier filing date.

FORBES: March 16, 2013: The United States Transitions To A 'First-Inventor-To-File' Patent System